AgHeritage Farm Credit Services (AFCS) will pay a record $7 million in profits to its customer-owners this year through its Patronage Program, the organization revealed Friday.
The Patronage Program returns a portion of the association’s net earnings to eligible customer-owners. Patronage refunds are based on the proportion of interest paid on an individual’s loan to net interest earned.
“Since 2006, AFCS has returned $57.95 million to eligible customer-owners to invest back into the rural communities in which they live”, said AFCS President & CEO Greg Cole. “Returning patronage dividends is key to our cooperative values, and we are proud to offer this benefit to our customer-owners. The past few years have been challenging, but having the ability to deliver such strong levels of patronage is a reinforcement of the value that our cooperative provides to agriculture and the rural communities we serve.”
AgHeritage is a financial cooperative with owned and managed assets of approximately $2.02 billion in 2021. It provides credit and related services to more than 6,340 farmers, ranchers and producers or harvesters of aquatic products in 24 Arkansas counties.